Panopticon Posted January 13, 2020 Share Posted January 13, 2020 https://azcoinnews.com/the-u-s-bill-proposal-referred-to-ripple-and-xrp.html SquaryBone, Cesar1810 and VanGogh 3 Link to comment Share on other sites More sharing options...
ICookinBrine Posted January 13, 2020 Share Posted January 13, 2020 Note the following excerpt, which indicates we should not expect mass adoption in the short-to-medium term based on comments from the industry. Perhaps it is not surprising, but interesting: Quote To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can quote exact covered third-party fees and exchange rates. The Bureau also believes that expanded adoption of SWIFT’s gpi product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they send the transfer. However, based on comments that banks, credit unions, and their trade associations submitted in response to the 2019 RFI and the Bureau’s own market monitoring, the Bureau believes it is unlikely in the short-to-medium term that the developments described above will be able to fully eliminate reliance on the correspondent banking network as the predominant method for banks and credit unions to send remittance transfers. There are thousands of financial institutions worldwide that could receive remittance transfers. If, as noted above, the different approaches described above share the similarity of replicating some elements of a closed network payment system, they likely would need to enroll all or most of those financial institutions into their platforms to offer banks and credit unions up-front certainty when sending transfers for which they currently rely on the temporary exception. It may be costly, excessively time-consuming, or otherwise difficult to enroll all or even most of these institutions, especially the smaller ones. Accordingly, the Bureau believes that it is unlikely in the short-to-medium term for the developments discussed above to replace the correspondent banking system as the predominant means that banks and credit unions use to send remittance transfers. Cesar1810 and LetHerRip 1 1 Link to comment Share on other sites More sharing options...
Xill Posted January 13, 2020 Share Posted January 13, 2020 2 minutes ago, ICookinBrine said: Note the following excerpt, which indicates we should not expect mass adoption in the short-to-medium term based on comments from the industry. Perhaps it is not surprising, but interesting: bullshit talks.. there must be global currency reset. the system is broken and time doesnt play to their hands. If not this year, than next year VanGogh, Scout and LetHerRip 1 2 Link to comment Share on other sites More sharing options...
ICookinBrine Posted January 13, 2020 Share Posted January 13, 2020 Just now, Xill said: bullshit talks.. there must be global currency reset. the system is broken and time doesnt play to their hands. If not this year, than next year Fair point--it could be more rapid than they expect, but perhaps this indicates nothing is imminent. It is also worth putting this in context. The agency is addressing whether to extend a rule allowing regulated entities to estimate exchange rates on money transfers in certain situations as opposed to providing the exact amount ("the Bureau is proposing changes to the Rule to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates to consumers of the exchange rate and covered third-party fees instead of exact amounts"). Ripple/XRP and SWIFT gpi are recognized as solutions that would eliminate the need for this less desirable exception (estimated exchange rates). In other words, this isn't about regulating Ripple/XRP, rather it recognizes Ripple/XRP as among potential future solutions to an existing problem while allowing the band-aid to remain on. Cesar1810 1 Link to comment Share on other sites More sharing options...
Xill Posted January 13, 2020 Share Posted January 13, 2020 1 minute ago, ICookinBrine said: Fair point--it could be more rapid than they expect, but perhaps this indicates nothing is imminent. It is also worth putting this in context. The agency is addressing whether to extend a rule allowing regulated entities to estimate exchange rates on money transfers in certain situations as opposed to providing the exact amount ("the Bureau is proposing changes to the Rule to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates to consumers of the exchange rate and covered third-party fees instead of exact amounts"). Ripple/XRP and SWIFT gpi are recognized as solutions that would eliminate the need for this less desirable exception (estimated exchange rates). In other words, this isn't about regulating Ripple/XRP, rather it recognizes Ripple/XRP as among potential future solutions to an existing problem while allowing the band-aid to remain on. Link to comment Share on other sites More sharing options...
peanut56 Posted January 13, 2020 Share Posted January 13, 2020 Ivestopedia: https://www.investopedia.com/terms/m/mediumterm.asp Though the term does not necessarily denote a specific length of time, most consider anything below three years to be short-term; from three to 10 years as medium term; and anything beyond 10 years to be long term. Since these timeframes are considered flexible, what may be a medium-term investment for one person may feel like a long-term investment to others, and vice versa. Well, let us hope that those in charge are in the same range of being correct as normal in terms of past/present/future. LetHerRip and Cesar1810 2 Link to comment Share on other sites More sharing options...
mrhat75 Posted January 13, 2020 Share Posted January 13, 2020 "fully eliminate reliance on the correspondent banking network as the predominant method for banks and credit unions to send remittance transfers" I certainly don't expect this in the next 5 years. Maybe by end of decade. That is a large ask though. I think there will be some extremely large growth in this area still along with who knows how many other emerging use cases around XRP PunishmentOfLuxury, Cesar1810, grunish and 2 others 4 1 Link to comment Share on other sites More sharing options...
Julian_Williams Posted January 13, 2020 Share Posted January 13, 2020 (edited) What interesting is that SWIFT GPI and Ripple/XRP are seen as the two front runners. ODL is the much more efficient system of the two, SWIFT have the legacy of long standing connections. This is the choice for banks wanting to upgrade; SWIFT or XRP? The forward looking banks will choose XRP. XRP are on the map. We only have to gain 5% of the market and we all make fortunes. Edited January 13, 2020 by Julian_Williams ICookinBrine, Live4xrp, earth and 3 others 6 Link to comment Share on other sites More sharing options...
XRP-JAG Posted January 13, 2020 Share Posted January 13, 2020 37 minutes ago, mrhat75 said: "fully eliminate reliance on the correspondent banking network as the predominant method for banks and credit unions to send remittance transfers" I certainly don't expect this in the next 5 years. Maybe by end of decade. That is a large ask though. I think there will be some extremely large growth in this area still along with who knows how many other emerging use cases around XRP Exactly what I was going to say. People who think there is going to be some mass adoption switch from one to the other over night are frankly delusional. The old system works, is the established incumbent already being used which banks etc are set up for. Ofcouse Ripple etc offer benefits over the existing system, but business have to consider not just the individual transaction fee/speed, but the cost of implementation, risk of uncertainty, training costs/time etc etc etc Jerrybo and ICookinBrine 1 1 Link to comment Share on other sites More sharing options...
quan Posted January 13, 2020 Share Posted January 13, 2020 If odl takes just 1~5% of the global remit market share, it is enough to send the asset to the moon. earth, Cesar1810, xrphilosophy and 4 others 7 Link to comment Share on other sites More sharing options...
xrphilosophy Posted January 13, 2020 Share Posted January 13, 2020 Also keep in mind that the remittance market is a small portion of global cross-border payments. Enterprise B2B payments account for almost 90% of all cross-border money transfer. Of the remaining 10% - global Ecommerce (marketplaces like Amazon), Payouts (freelancers, contractors, AirBnB, Uber paying their network), Government to Consumer payments (pensions, other), and P2P remittances (WU, Moneygram) round out the rest. All segments are growing and said by 2022 expected to be significantly higher (39 trillion) than they are today at 29 trillion. Heard it here today, but it doesn't seem to be posted yet after airing live. https://fedpaymentsimprovement.org/event-detail/go-global-a-review-of-progress-and-pain-in-cross-border-payments/ earth, Lamberth and VanGogh 3 Link to comment Share on other sites More sharing options...
Archbob Posted January 13, 2020 Share Posted January 13, 2020 (edited) 4 hours ago, ICookinBrine said: Fair point--it could be more rapid than they expect, but perhaps this indicates nothing is imminent. It is also worth putting this in context. The agency is addressing whether to extend a rule allowing regulated entities to estimate exchange rates on money transfers in certain situations as opposed to providing the exact amount ("the Bureau is proposing changes to the Rule to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates to consumers of the exchange rate and covered third-party fees instead of exact amounts"). Ripple/XRP and SWIFT gpi are recognized as solutions that would eliminate the need for this less desirable exception (estimated exchange rates). In other words, this isn't about regulating Ripple/XRP, rather it recognizes Ripple/XRP as among potential future solutions to an existing problem while allowing the band-aid to remain on. You realize that Xill's main argument is there's going to be a "global currency reset" coming soon. If you take that ridiculous logic out, he doesn't really have any reasoning for his hypothesis. A global financial reset coming "soon" is what conspiracy theorists have been predicting for decades now every 2 or 3 years. We might all die of old age before this "soon" arrives. Edited January 13, 2020 by Archbob Cesar1810 and ICookinBrine 2 Link to comment Share on other sites More sharing options...
VanGogh Posted January 13, 2020 Share Posted January 13, 2020 39 minutes ago, xrphilosophy said: Also keep in mind that the remittance market is a small portion of global cross-border payments. Enterprise B2B payments account for almost 90% of all cross-border money transfer. Of the remaining 10% - global Ecommerce (marketplaces like Amazon), Payouts (freelancers, contractors, AirBnB, Uber paying their network), Government to Consumer payments (pensions, other), and P2P remittances (WU, Moneygram) round out the rest. All segments are growing and said by 2022 expected to be significantly higher (39 trillion) than they are today at 29 trillion. Heard it here today, but it doesn't seem to be posted yet after airing live. https://fedpaymentsimprovement.org/event-detail/go-global-a-review-of-progress-and-pain-in-cross-border-payments/ Yep, just wait until there's another liquidity crisis as there was in 2008. The overnight repo market leads one to pause, at least. Is there a better solution to solving that type of event than that of Ripple and XRP? xrphilosophy 1 Link to comment Share on other sites More sharing options...
Xill Posted January 13, 2020 Share Posted January 13, 2020 (edited) 33 minutes ago, Archbob said: You realize that Xill's main argument is there's going to be a "global currency reset" coming soon. If you take that ridiculous logic out, he doesn't really have any reasoning for his hypothesis. A global financial reset coming "soon" is what conspiracy theorists have been predicting for decades now every 2 or 3 years. We might all die of old age before this "soon" arrives. China debt, europe debt and usa debt are the signs of the need for global currency reset. bubbles everywhere Edited January 13, 2020 by Xill Link to comment Share on other sites More sharing options...
ICookinBrine Posted January 13, 2020 Share Posted January 13, 2020 39 minutes ago, Archbob said: You realize that Xill's main argument is there's going to be a "global currency reset" coming soon. If you take that ridiculous logic out, he doesn't really have any reasoning for his hypothesis. A global financial reset coming "soon" is what conspiracy theorists have been predicting for decades now every 2 or 3 years. We might all die of old age before this "soon" arrives. Haha -- I won't claim to be able to predict any catastrophic upheaval, but I think you can still find value in something like the "bullshit talks" observation (even if bullshit is supposed to be doing the walking). Incumbent institutions (from whom these regulators appear to have been gathering information) may be sitting on the sidelines now and predicting the status quo will remain for some time, but I understood him to be saying they will embrace a sudden jump forward if the money is talking. Link to comment Share on other sites More sharing options...
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